A Chinese state-backed blockchain network plans to launch non-fungible token (NFT) infrastructure that has no link to cryptocurrency by the end of this month, one of its creators told Forkast.
Fast facts
- He Yifan, CEO of Red Date Technology, a developer of the Blockchain-based Service Network (BSN), a project to spur mass adoption of blockchain technology across China, confirmed that the planned NFT format would only support Chinese yuan payments.
- “We believe it would become the go-to place for most NFTs in China,” He told Forkast, adding: “A public, credible [and] low-cost infrastructure is desperately needed to host all NFTs in China.”
- The NFT infrastructure network, called BSN-Distributed Digital Certificate (BSN-DDC), will consist of 10 open permissioned blockchains where creators themselves can decide what NFT applications they would like to build, He said.
- He estimates BSN-DDC will break even after generating 10 million NFTs.
- Unlike cryptocurrencies, China has not banned NFTs, but state media has issued multiple warnings against the latter’s speculative nature.